Montreal home sales rise in February amid 'resurgence of overbidding': board

Montreal-area home sales rose 7.4 per cent in February compared with the same month a year ago amid a "rapid absorption of active listings." Fog hangs over the skyline of Montreal, Wednesday, Jan. 1, 2025. THE CANADIAN PRESS/Graham Hughes.

MONTREAL — Montreal-area home sales rose 7.4 per cent in February compared with the same month a year ago amid a “rapid absorption of active listings.”

The Quebec Professional Association of Real Estate Brokers says 4,088 homes in the region changed hands last month, up from 3,807 in February 2024.

The median price for all housing types was also up year-over-year, led by an 8.9 per cent gain in the price of a single-family home at $600,000. The median price of a condominium increased 6.3 per cent to $420,000, while the median price of a plex rose six per cent to $790,000.

There were 6,868 new listings in the Montreal area last month, up 4.5 per cent from a year earlier, as active listings fell 3.6 per cent to 16,976, which the board says is “well below” the historical average.

The board says market conditions continue to strongly favour sellers, noting a “sharp increase” in activity since last fall.

Market analysis director Charles Brant says there has been a “resurgence of overbidding” for single-family homes priced between $400,000 and $600,000, while activity has slowed around more expensive properties in “an economic environment that has suddenly become much more uncertain.”

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This report by The Canadian Press was first published March 7, 2025.